E-Currency Exchange Business In Nigeria (2)
E-Currency Exchange Business In Nigeria (2)
Getting started
In Nigeria, there is huge market for Liberty Reserve as an e-currency. In other words, as a beginner, you can start with Liberty Reserve Exchange service; which will include, buying from potential customers and selling to them.
Hence, to get started, you will need to create a Liberty Reserve Account and get it verified. Creating the account will guarantee you the platform to sell and buy the e-currency in order to start the exchange business.
After you must have created the account, move to funding the account with the amount you want to start the business with. One Thousand USD (1000-USD) is not bad for a starter; importantly you must have sufficient funds in your account from time to time, so you will be able to take orders easily and promptly.
What can easily make or mar you in this business, is how prompt you are at service delivery. That is why I said last week that this business is primarily for those who want to start serious business online; even big corporations in the USA, Asia and many other part of the world do it.
Funding your e-Currency account
How and where you fund your account depends on the amount you wish to fund your account with. For example, I will not advise you to fund your account with an exchanger outside the country if you are funding about 500 -1000 USD, as your charges for wire transfer from Nigeria will chop your profit, living little for you. If however, you can source your funding locally within that range of amount. It is good for you to go.
However, if you are funding above 1000-USD, you can create an account with NigeriaPay.com, they have good offer. You can make an order to buy Liberty Reserve from them and send a Bank Wire to them.
Create your market place!
You may not wait until you get your account funded before you do this, while you initiate and continue the process of funding your account, in the meantime, you can go ahead with setting up your MarketPlace.
However, as soon as you have your account funded, that means you already have what to sell, so the next thing is to take it to the market place. In other words, the next step is to create a very dynamic website that can take Liberty Reserve orders and process it. Of course, all the processes may not be automated. You may have to confirm the payment of the customer in your local bank account, and then fund the customer's account.
Thinking about how to set-up a website should not be a barrier to you, if you don't know how to set-up a website; you can hire someone to do it for you. The most important thing is that it is fixed and you continue on your business.
Promote your website!
Even if you have the most beautifully design-ed website in the whole world, or the Liberty Reserve price you offer is the cheapest in the whole of Nigeria; so far you do not promote your website, it is only you (and perhaps the person that designed it) that knows about the site and even the e-currency exchange business you offer.
You can promote your business on Nigerian forums free, or use Google Adwords, Face-book etc.
Lastly
From the foregoing, you will be able to deduce that the business is about buying an e-currency and selling it, or buying it, while you pay the customer in Naira; to individuals who will pay directly to your local bank account. Till next week, start selling e-currency.
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